The Connection between Compulsive Buying Disorder and Bankruptcy Filings
Do you consider yourself a shopaholic? Maybe you like to buy shoes, or maybe you just can’t resist the latest tech gadget.
Chances are that you actually just enjoy shopping, not that you are a true shopaholic. Like alcoholics, true shopaholics have a disease — compulsive buying disorder, to be exact. CBD is recognized as a personality disorder in the Diagnostic and Statistic Manual of Mental Disorders that is used by mental health professionals to make a mental health diagnosis. It is treated as a disorder like any other, and it requires a specific treatment plan to manage.
The Connection between Compulsive Buying Disorder and Bankruptcy Filings
Compulsive Buying and Bankruptcy
Unfortunately, many who suffer from CBD act on their obsessive behavior and actually spend far beyond their means. Some may spend the money that they should be spending on rent or car payments, while others may take advantage of easy credit to max out credit cards far beyond their ability to ever pay them off.
It’s not uncommon to see people with CBD saddled with tens of thousands in debt — some even push their debt into six figures. Soon, their addiction leaves them in a crippling financial situation that threatens to take away their home, their car and everything else of value they own.
Bankruptcy can help alleviate the financial burden that CBD has caused in some cases. For example, if the person suffering from CBD has primarily racked up a lot of credit card debt, they may be able to file for Chapter 7 bankruptcy in Glendale to liquidate that debt while still protecting assets like their home.
If the person suffering from CBD has accrued other debts or fallen behind on their mortgage payment, Chapter 13 bankruptcy may provide some debt relief. Under Chapter 13, your bankruptcy lawyer helps to work out a debt repayment plan that can bring down interest rates and monthly payments to help you get the debt under control.
A bankruptcy lawyer will be able to look at the details of each individual case to make a recommendation about what type of bankruptcy filing will be best to attain maximum debt relief.
Managing Your Addiction
Of course, filing for bankruptcy will only solve part of the problem if you are suffering from compulsive buying disorder. You may get debt relief, but you will still suffer from the compulsive urge to buy, so you may soon find yourself in financial trouble if you don’t get the mental health care you need.
You need to see a professional counselor who specializes in this type of addiction to find ways to manage your disorder. You will also need to get counseling from a Glendale bankruptcy lawyer or other financial professional who can help you figure out how to put checks in place to prevent you from overspending in the future.
My AZ Lawyers can help you with the bankruptcy counseling, but you’ll have to seek out a psychologist in Arizona who can help you manage the disorder. Our bankruptcy lawyers can help you understand your options for debt relief and give you guidance about financial management going forward, as well as make recommendations for other financial professionals to work with in Arizona. Whether you have compulsive buying disorder or you have suffered other setbacks that have caused you to experience financial problems, we are ready to help you. Call us today to talk with an experienced Glendale bankruptcy lawyer to discuss your options for debt relief.
My AZ Lawyers – Candace Kallen
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